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Most Spaniards Expect Bank Rescue to Fail, Criticize Deal

Spaniards expect the 100 billion-euro ($127 billion) rescue the European Union approved for the country’s banks will fail to clean up the industry and most disapprove of the government’s handling of the deal.

A poll by Sigma Dos published in El Mundo today showed 68 percent of respondents expect the bank bailout to collapse and 65 percent said Prime Minister Mariano Rajoy’s management of the negotiations was mediocre or worse compared with 25 percent who approved.

The voters’ reaction mirrors the response of investors who dumped Spanish bonds last week after Rajoy announced the rescue package to recapitalize the country’s banks. The yield on Spanish 10-year debt touched a euro-era record on June 14 as voters questioned whether he can control public borrowing within the constraints of the euro without a full bailout.

A minority of respondents questioned Spain’s membership in the single-currency region, with 24 percent saying there was a chance the country would leave or be forced out of the euro and 19 percent saying they would be better off outside the monetary union.

Madrid President Esperanza Aguirre’s plan to reduce the number of lawmakers in her regional assembly was backed by 77 percent of respondents while 62 percent said Rajoy isn’t doing enough to slim down Spanish bureaucracy.

Sigma Dos interviewed 1,000 potential voters between June 12 and June 14 and the margin for error was 3.2 percent.

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